What can I say? I was a bloodied today. I shorted the ER2 at 790 and had a stop above the first high. Looking at it and market in hindsight, it was not a good trade. I walked into a buzz saw of bulliness.
Why did I get into the trade? Look at this chart. For a couple of days, the 790 area played a major role in the ups and down of the market. I was assuming it was a good place to pause and the other futures were not as strong.
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Ouch - but thinking about it, I was going to stay in a trade come hell or high water until I made money or hit my stop. This trade needed a lot of room so I gave it. In a weird way, I feel good about this because I held it for so long. One of my major problems as a trader right now. It also pointed out to myself that I missed a couple of good long stock trades. Those trades would have made up for the loss in the futures. The lesson learned is I can't stay focused on just one thing at a time.
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The numbers:
Stocks: none
Stock Futures: Gross -800 Net -805 contracts traded 2
Forex: none
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